THE MADRONA GROUP SUCCESS STORIES VIDEO SERIES
How To Win A Real Estate Bidding War | Success Stories [Video]October 26, 2020
How Many Times Can You Sell The Same House? [SUCCESS STORY VIDEO]November 21, 2019
WHY YOU REALLY NEED A REAL ESTATE AGENT TO NAVIGATE CHALLENGESOctober 24, 2019
What Happens When An Appraiser Calls Out Work That Needs To Be Done Before Closing?October 21, 2019
HOW TO BUY A HOME IN A HOT MARKET VIDEO
Click the link to watch Youtube Video: https://youtu.be/DKKTaHBnDUk
WINNING A BIDDING WAR IS NOT JUST ABOUT MONEY
Watch as Joe Kiser interviews Jason Fox about a recent purchase in which we were able to win a bidding war without offering the most amount of money.
Real Estate always has been and always will be a relationship business. That is not exclusive to agent and client, it is also important to have strong relations with other realtors.
Winning a real estate bidding war requires a buying strategy.
The Madrona Group Home Buying Strategy
- Meet with our clients to formulate the Team strategy.
- Provide access to a real estate team.
- Buyers Agent:
- Specializes in finding the perfect house.
- Team Leader:
- Specializes in negotiating real estate transactions.
- Oversees the transaction.
- Mortgage Broker:
- Works with our clients to put them in the strongest loan possible.
- Works to get clients fully underwritten to put you in the strongest negotiation position possible.
- Works with the team to build a relationship with listing broker to ensure them that the transaction will close and close on time.
- Transaction Coordinator:
- Keeps track of deadlines and dates.
- Communicates with our client to keep them informed through the entire process.
- Manages the transaction double checking for accuracy.
- Buyers Agent:
- Once you have found a home you want to make yours.
- Call the listing agent to get the lay of the land and start building a positive relationship.
- Ask the agent besides price, what else is important to your seller in this transaction.
- Formulate our winning bid.
- There are multiple strategies we can employ depending on what is important to the seller, the home price and location, the amount of interest in the home, etc.
- Continue talking to the selling agent through the process to strengthen the relationship and build up our clients status from just another bid to a real person that loves this house.
- Write up a clean strong offer.
- Call the listing agent to tell them that you are sending the offer and continue building the relationship.
- Send the offer via email with a nice email that tells our clients story and how much they love the house and summarize the highlights of the offer.
- The Mortgage Broker then calls the listing agent to reinforce the strength of the financing and strong likelihood to close and close on time.
- Continue to follow up with the listing agent to reinforce the strength of our offer.
- If needed, reformulate the offer and re-submit.
- WIN A REAL ESTATE BIDDING WAR!
HOW TO WIN A REAL ESTATE BIDDING WAR VIDEO TRANSCRIPT
Today I am going to interview Jason on the time that he was able to secure a high demand listing in a competitive market.
Jason, tell me about the time that you had the buyers from out of state where the wife had to be in a certain neighborhood and the husband wanted a fixer-upper, what did you do?
I went out with the husband looking at places on the outskirt of town trying to save some money and the wife wanted to be in Harbor Pointe. If you know Harbor Poinet it is a very high demand neighborhood in Mukilteo, WA. I went out with the husband looking at places to save some money and when we went to show the wife she, No! It was goint to be Harbour Pointe.
OK, was there alot of inventory in Harbor Pointe, since you had a neighborhood pinned down?
No there wasn't really anything available and if you know that market at all then you know that things don't come available too often. They were looking for a condo and there literally was like none at the time.
No, so what did you do, how did you find them a place?
Once they decided they were definitely going to Harbor Pointe one eventually came available and they called me up and they said, "we want that condo".
Where they in state at the time?
No, they were out of state so what I did was went to the listing with my camera and a Gimbal and I took a video of the listing and I sent it to them. That along with assuring them that it was a fantastic condo with a good HOA, it was in a great part of Harbor Point and it looked real solid.
Awesome and did they love it, did you write it up and they bought the home right there, what happened?
Yeah, it was super easy. Like I said, it was the only condo available in Harbor Pointe and I when I called the agent to tell them that I was thinking about writing an offer she told me that she already had an offer in hand and she had a pre-inspection scheduled for the next day. That I could schedule my pre-inspection for, this was Thursday but there is going to be an offer review date on Tuesday, and I could schedule my pre-inspection for Saturday.
You waited till Saturday and did your pre-inspection?
I did not, and I actually got in earlier than the the one that was scheduled.
Especially with them being out of state, where they giving you any friction on how fast you had to move or where they ready to go?
They were not really prepared to go so fast and in addition because we're going to be in a competitive market, the idea of me telling them that you might have to pay a little bit more to get it, especially for the frugal husband wasn't really hitting home.
If I remember right you even got them to accept that offer before the review date didn't you?
Yeah, what we did was we went hard. We said, hey I don't even want you to have this open house I want to get this thing done now. There was no doubt in my mind that it was going to get a lot offers. We presented that Friday evening after our pre-inspection and we were able to take the listing off the market.
You're telling me you have these clients out of state and there's only one one available Condo and there's already pre-inspections they have a review date, an offer in hand and lots of traffic and you got them to look at your offer early?
I did yeah. You know, Joe, that we take a lot of pride in building relationships. In the two days that I was in contact with that agent I probably spoke to her eight to ten times. It was about really trying to let her know that we love this condo, the buyers were solid, the financing was solid and showing our past record making sure our deals close every time.
You closed every objection before they even had it, you just made sure it was a nice secure package and the end result was what?
The appraisal actually came in higher than our offer by $5,000 and they ended up with instant equity. Joe I am telling you there is no doubt in my mind that that condo would have bid up at least another $25,000 over what we paid.
Wow, so the buyers buy from out of state they trust you to handle all their Affairs they come and did they like it, did they hate it?
They love it. They still tell me how they love the neighborhood and it is quiet. They put in all new carpet and paint, they really did it up, it is fantastic and they got some Equity.
That's a great story thanks for sharing that experience with us.
Thanks for watching today please check us out at www.TheMadronagroup.com or call Joe at 206-351-0543.